How Does the IRS Know If You Give a Gift?

There are many tax requirements that you might not be aware of, one of them is gift tax requirements. There is some key information on gift tax rules and how does the IRS know if you give a gift!

Being unaware of certain tax requirements could cause you problems down the road. One example of a tax requirement that many people aren't aware of is gift tax requirements. And therefore you probably don't know that in some situations, you may be required to pay taxes on a gift that you give.

Wondering "And how would the IRS find out about my gifts"? It's a common question to ask how does the IRS know if you give a gift.

Therefore, in the following video, we are going to develop more about gift tax requirements and how does the IRS know if you give a gift! We will deal with:
0:00 - Introduction
0:48 - Reporting gifts on your tax return
1:14 - Understanding gift tax rules
1:41 - Filing form 709
2:09 - Tax Audit
2:36 - Consequences of unreported gift
3:03 - Conclusion

And if you want to read some other articles we wrote:

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